Cellnex raises 2019 core earnings guidance

MADRID, Nov 14 (Reuters) - Spain’s Cellnex raised its guidance for 2019 core earnings on Thursday and reported a smaller net loss for the first nine months of the year.

The cell-tower operator expects to post full-year earnings before interest, taxes, depreciation and amortization (ebitda) of between 680 million and 685 million euros, compared with a previous target of 655 million euros.

Recurring free cash flow growth should be above 10% for the year, Cellnex said.

The board approved a dividend of 0.038 euros a share to be paid out of reserves.

Over the past three years Cellnex has become a key player in Europe’s phone-infrastructure sector, building and buying tens of thousands of telecom towers across the region.

In October the company received massive investor support for a 2.5 billion euro fundraising package to buy the telecoms division of Britain’s Arqiva. (Reporting by Nathan Allen)